Update business names online - for a fee: ASIC

ASIC has announced the launch of new online services for business names customers, allowing users to update details for a business name using ASIC Connect.

However, the association says relatively small fees, ranging from $30-70, still apply - minor consolation to frustrated brokers and aggregators being forced by the organisation to take the word “independent” out of their official business names and re-pay licensing fees in the process.

ASIC says most transactions take only a few minutes to complete and, in many cases, confirmation is received on the spot that updates to your business name details have been made.

The following transactions can now be completed online:

• updating business name addresses;
• adding or removing a partner from a partnership that holds a business name;
•  updating business name holder details (including personal addresses);
• updating representative details;
• applying to cancel a business name; and
• transferring a business name to a new holder.

The site includes user guides to help businesses through the process of changing name details and can be accessed on the website.

Some transactions are not yet available on ASIC Connect and must be completed on paper. These include:

• adding an ABN to a business name holder;
• aligning a renewal date;
• updating representative details (with the exception of organisation representatives); and
• removing organisation representatives.

ASIC also says the maintenance smart form is no longer available and ASIC is continuing to process the forms already submitted.

"If you previously submitted a smart form, you can choose to resubmit the same updates online with ASIC Connect. Otherwise, you can wait and ASIC will process your smart form as soon as possible and let you know once this is complete."